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Updated: May 30, 2023
When you think about it, Virginia could technically be considered as the small business that kickstarted the big business of the United States of America. And as we all know from history books, the founding of Jamestown was no walk in the park. While the first settlers had to deal with the troubles of…you know…settling, you as a small business owner have your own troubles and triumphs. That’s what we’re here for. We want to help you check payroll taxes off your to-do list.
Our handy payroll tax calculator is all you need. Just enter income and W-4 information for each employee, and the calculator will take care of the rest.
First things first, we have to pay the federal government. Whether your employees are hourly or on salary, all federal taxes remain the same. We’ll go over the general breakdown here, but if you want more details, hop on over to our step-by-step guide.
All federal tax filings are due quarterly. Employers must complete the IRS Form 941 along with paying the payroll taxes. FUTA unemployment taxes must also be paid quarterly, but you only have the fill out the IRS Form 940 at the end of the year. Or, if you’d rather pay on an ongoing basis, you can use the EFTPS payment system.
All the employment tax filing due dates can be found here.
With four marginal tax brackets based upon taxable income, payroll taxes in Virginia are progressive. Tax rates range from 2.0% – 5.75%. Since the top tax bracket begins at just $17,000 in taxable income per year, most Virginia taxpayers will pay the top rate.
The good news is that location doesn’t matter, so there’s no need to worry about local taxes.
As you can see, Virginia SUI can be complicated, so if you have any questions, check out the FAQ section of the Virginia Employment Commission website.
The first step to doing big things with your small business is paying your employees. And now it’s time to cut those checks. As if you don’t have enough responsibility already, make sure you keep your portion of the FICA and FUTA payments in mind. Those contributions can add up come tax season if you don’t remit them regularly.
Here are a few additional resources that we think will help you. Take a look now and thank us later.
Tax Filing & Registration with the Virginia Employment Commission
Withholding Tax information from Virginia Tax
Income Tax Withholding Guide For Employers with the Virginia Department of Taxation
These rates are based on local legislation and can change at any time. Always consult a tax professional if you are unsure about your obligations.
Virginia employers can calculate gross pay, net pay, and deductions in just a few clicks with the calculator at the top of this page (and feel confident when cutting paychecks). But occasionally, companies have situations that require a bit more number crunching. For instance, do you sometimes reward high-performing employees with bonuses? Remember that these payments are considered supplemental wages in the eyes of the IRS, and, therefore, subject to tax withholding. Furthermore, as employees come and go, you may need to figure out what their final paychecks will be. So, if you can use a little more help managing the math, check out some of the calculators listed below.
Try OnPay out yourself to see how easy payroll and HR can be. To get started, just share a few basic details about your business. Our team of pros will set everything up and import your employees’ information for you.